OTTAWA, Ontario, June 24 -- The government of Canada released the following news on behalf of Atlantic Canada Opportunities Agency:
Senator David Wells, on behalf of the Honourable Rob Moore, Regional Minister for Newfoundland and Labrador and Minister of State (Atlantic Canada Opportunities Agency), today announced a repayable investment of $500,000 for Rutter Inc. to carry out international marketing activities associated with its advanced radar technologies for the marine, oil and gas, and defense and security markets.
This project is enhancing Rutter Inc.'s export capabilities, international profile and competitiveness in the advanced technology industry, and expanding the industry knowledge base in Newfoundland and Labrador. The investment has helped Rutter Inc. target new niche markets, while continuing to build its established sales and marketing channels in mainstream markets.
Through its existing marketing and distribution channels in over 100 locations in 70 countries, Rutter Inc. produces and globally markets a growing suite of advanced high-resolution radar technology and systems. These involve oil spill detection, ice navigation, small target detection, and surveillance applications. The company has a proven track record in developing and commercializing new products and services, successfully building market share and revenues and mitigating challenges presented by marketplace changes.
- Rutter Inc. is targeting markets throughout North America and Europe.
- In 2012, Rutter Inc. acquired Ocean WaveS GmbH of Luneburg, Germany, which supports the company in delivering best-in-class ocean surface monitoring and reporting products in key markets and provides them with a technical centre and physical presence closer to European customers.
- The historic Canada and European Union Comprehensive Trade Agreement (CETA) is expected to open new markets to Canadian exporters throughout the European Union and generate significant benefits for all Canadians. CETA has the potential to create 80,000 new Canadian jobs.
- The recently-signed Canada-Korea Free Trade Agreement provides Canadians access to the fourth largest economy in Asia, with an annual GDP of $1.2 trillion and a population of 50 million. It is expected to boost Canada's economy by $1.7 billion and increasing Canadian exports to Korea by 32 percent.
- The Government of Canada's repayable investment of $500,000 in Rutter Inc. was provided through ACOA's Business Development Program.
"By actively pursuing new trade and investment opportunities like the Canada-European Union Comprehensive and Economic Trade Agreement and the Canada-Korea Free Trade Agreement, our Government is providing Canadian workers and businesses with preferred access to the largest, most dynamic and fastest growing economies and regions of the world. Our support for Rutter Inc. is helping this innovative company advance its international profile and build on knowledge for the local industry."
- Senator David Wells, on behalf of the Honourable Rob Moore, Regional Minister for Newfoundland and Labrador and Minister of State (Atlantic Canada Opportunities Agency)
"European markets are very competitive and Korean markets are very important to us because of the size of their shipbuilding industries. ACOA funding has facilitated the development of marketing tools and capacity that makes Rutter more ready to take on the challenges of exporting to these markets."
- Fraser Edison, President and CEO, Rutter Inc.
- ACOA's Business Development Program (BDP) - commercial projects http://www.acoa-apeca.gc.ca/eng/ImLookingFor/ProgramInformation/Pages/ProgramDetails.aspx?ProgramID=2
- Rutter Inc.
- Comprehensive Economic and Trade Agreement (CETA) http://www.actionplan.gc.ca/en/page/ceta-aecg/benefits-newfoundland-and-labrador
- Canada-Korea Free Trade Agreement http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/korea-coree/index.aspx
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